KazKommertsBank ready to buy back 21.2% of its common stock

KazKommertsbank may buy back 21.2% of its common shares from Samruk-Kazyna Sovereign Wealth Fund, the Bank’s Managing Director Sergei Mokrousov said today.

According to him, the Bank has all the conditions in place to buy back its shares.

“A final decision will be taken by the parties of this agreement – major shareholders of the Bank and Samruk-Kazyna Sovereign Wealth Fund… The situation will be like that at Halyk bank ”, Novosti Kazakhstan quoted Mr. Mokrousov as saying.

In May 2009, as part of the government’s anti-crisis package, Samruk-Kazyna Sovereign Wealth Fund bought 21.2% of the Bank’s common stock. Under a later signed agreement between major shareholders of the Bank and the Sovereign Wealth Fund, the shares could be bought back by shareholders within a 5-year time. The cost of the deal was not disclosed.